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The research found that almost one in 20 engagement rings is either lost or stolen at some point.

LV= is warning couples to protect their investment, by having regular ring valuations and updating home contents insurance after becoming engaged.

The price of an engagement or wedding ring can be a sensitive subject. In fact, less than half of women know exactly how much their ring is worth, with the average being valued by the wearer at £1,231.

But this estimate may actually be far lower than the truth, as the price of precious metals and diamonds has risen enormously over the past year.

This means that the real value of a ring bought in the past few years will have changed substantially from its original price and could be worth a great deal more.

John O’Roarke, managing director of LV= home insurance, said: 'Whether splashing out on a diamond or buying on a budget, an engagement ring is always a valued possession, so it’s really important that couples protect their investment.

'What many couples may not realise is that the price of diamonds and precious metals has increased dramatically recently and they may find themselves out of pocket if the ring is lost or stolen.

'Losing something as sentimental as an engagement ring is upsetting in itself but even worse if it is not insured - so today we're calling on couples to have their ring valued regularly to ensure they're fully protected.'

Is romance getting cheaper? Men cut back on ring price

The research by LV= found that the average man now spends the equivalent of three weeks pay on a ring when they propose, with 59 per cent of grooms-to-be spending less than a month’s wages.

Among those men who are currently engaged and have paid for their partner’s engagement ring, 13 per cent say financial concerns constrained the amount of money they spent and they admit they had to cut back as a result.

Money-saving tip - don't believe the ring hype

This is Money says: There are plenty of figures bandied around for how much should be spent on an engagement ring.

But remember most come from those with a vested interest or wanting a headline - the jewellery industry or PR hungry firms.

If you are planning on getting engaged, don't feel you have to spend a certain amount and remember these figures are often heavily exaggerated.

However, women believe that one month’s salary is the bare minimum amount a man should spend on a ring when proposing with one in twenty saying: 'the bigger the diamond, the better'.

Yet while men are economising on what they spend, the research finds that they are also stretching the truth to their fiancées – 38 per cent of men tell their partner what they’ve actually spent on an engagement ring, and over 3 per cent of men admit that they lied to their partner and exaggerated the real price.

Is your engagement ring is covered?

Check your home and contents insurance policy, or contact your insurer to find out for you.

If it is not covered, make sure to add it on after you have the ring valued. You can do this in a jeweller who should give you a valuation certificate.

Get the ring revalued every two years to make sure it is covered for the right price – it’s worth keeping your eye on the rising price of gold and diamonds, because if these prices rise, so will the value of your ring.

When the ring is on your insurance, take photographs of it and keep all documentation in a safe place, as this will make it easier if you do need to make a claim.

A standard home and contents policy will only cover your ring inside the house. If you want to be covered when you’re out of the house, you’ll need to add personal possessions cover to your contents insurance.